The chief justice of Wisconsin, for example, needed to sell assets and obtain bank loans because the state did not raise his salary, fixed at $2,500 in 1857, during the war. Global government bonds are tumbling toward their worst month in a year, while the Japanese yen and Swiss franc are off more than 2%. Bitcoin has managed modest gains, though it’s still down 14% this quarter. Treasuries are cratering — and sending other bond markets down — as a looming shutdown underscores the potential that U.S. fiscal profligacy will spur issuance. With the Federal Reserve determined to keep interest rates higher for longer, investors are finding few places to hide apart from the world’s reserve currency.

The term « greenback » is a slang word for the United States Federal Reserve Note, commonly referred to as the US Dollar (USD). Greenbacks also have a historical connotation, however, referring to the debate over economic policy throughout the Civil War Era. The name comes from the green color of the ink used on Demand Notes, which were issued by the US government from late 1861 to early 1862.

Frank Baum in the 1890s, can be read as an allegory regarding those debates with the yellow brick road representing gold, Dorothy’s slippers (in the book) representing silver, and the Emerald City representing greenbacks. Incidentally, the money remained green into the 20th century partly for practical reasons. Green ink was widely available, stable, and not prone to fading but green bills seemed to mean stability to the public, so American paper money has remained green to this day.

• These were nominally payable in silver, but rapidly depreciated due to British counterfeiting and the Continental Congress’s difficulty in collecting money from the states.
• In the election of 1884, the party failed to win any House seats outright, although they did win one seat in conjunction with Plains States Democrats, James B. Weaver, as well as a handful of other seats by endorsing the Democratic nominee.
• At this time, Legal Tender Notes were replaced by Federal Reserve Notes, or what is now used as paper money.
• Each was a multimillion-dollar machine that could scan for radio signals and triangulate their source, but both missed Hacker’s drone and its radio signal until it was too late.

Governor Kazuo Ueda this month doubled down on his dovish stance, disappointing yen bulls who had hoped he would signal a move toward ending negative interest rates. The rout in U.S. sovereign securities is actually spurring dollar demand, by helping to drive up the interest rates that buyers of the currency can receive one good trade — and keep them elevated. Investors are facing an unprecedented third straight year of losses as the $25.5 trillion Treasuries market is wracked by liquidity concerns, ever-tighter Fed policy, increased U.S. government issuance, and the volatility created as investors get forced out of large futures bets.

Demand Notes vs. Paper Notes

In early 1888, it was not clear if the Greenback Party would hold another national convention. The 4th Greenback Party National Convention assembled in Cincinnati, Ohio, on May 16, 1888. On August 16, 1888, George O. Jones, chairman of the national committee, called a second session of the national convention.

• The new money also initiated debates about the proper anchor for the US monetary system that permeated national politics into the early 20th century.
• These examples are programmatically compiled from various online sources to illustrate current usage of the word ‘greenback.’ Any opinions expressed in the examples do not represent those of Merriam-Webster or its editors.
• The party believed that by putting more greenbacks into circulation, the U.S. government would make it easier for debts to be paid and prices would go up—resulting in prosperity.

Much of the Greenback news in early 1888 took place in Michigan, where the party remained active. Yields climbed to fresh multiyear highs on Tuesday, with the 10-year benchmark rising to 4.56%. That extended a surge that came on Monday even after Moody’s Investors Service, the only remaining major credit grader to assign the U.S. a top rating, signaled its confidence is wavering ahead of a potential shutdown. « As far as quarter-end and looking ahead to next week, it’s notable that last year the last two days of the quarter were down hard (-2.11% Thursday, -1.51% Friday), » BTIG technical strategist Jonathan Krinsky said. « Then October started with two massive up days (+2.59% Monday, +3.06% Tuesday). » « When it came to financial assets, the biggest story of Q3 was the massive bond sell-off, which sent yields up to multi-year highs around the world, » Deutsche Bank’s Henry Allen wrote in a note.

Notes

After 19 months of fighting, the war has settled into mostly static but bloody back-and-forth battles. Most recently, the Ukrainian military has been fighting to deepen and widen two bulges pushed into Russian defenses in the country’s south, and to advance on the outskirts of the eastern city of Bakhmut. In the months since the Ukrainian counteroffensive began in June, Ukraine’s push to drive a wedge through Russian forces in the south has been a grueling, bloody infantry fight, with advances sometimes measured in yards. In most aspects, Russia holds an advantage in firepower, while also benefiting from fighting from well-prepared defenses. A Ukrainian soldier preparing to release a drone that will fly over Russian-occupied territory in search of heavy weapons and air defense installations. The Greenback Party was in decline throughout the entire Grover Cleveland administration.

Greenback

They served as the standard of value in ordinary commercial transactions after their issue in 1862. The $450 million in greenbacks that was authorized was later permanently reduced to $346,681,016. Although heavily depreciated during the Civil War, greenbacks were much favored by rural proponents of inflationary monetary policies, who rallied for their continuance in the late 1860s and 1870s. Organized as the Greenback Party, the proponents succeeded in postponing the resumption of specie payments until the Resumption Act of 1875, which by 1879had returned the greenback to a value on par with metallic currency. Legal Tender « greenbacks » were not backed by coin until Republican president Rutherford B. Hayes backed the 1875 Specie Resumption Act in 1875. After the Civil War, creditors were still clamoring for coin-backed currency, and the United States returned to the gold standard in 1879.

Paper currency in the form of banknotes was issued by privately-owned banks, the notes being redeemable for specie at the bank’s office. Such notes had value only if the bank could be counted on to redeem them; if a bank failed, its notes became worthless. The federal government sometimes issued Treasury Notes to borrow money during periods of economic distress, but proposals for a federal paper currency were politically contentious and recalled the experience of the Continental dollars issued during the American Revolution. These were nominally payable in silver, but rapidly depreciated due to British counterfeiting and the Continental Congress’s difficulty in collecting money from the states. Greenback movement, (c. 1868–88), in U.S. history, the campaign, largely by persons with agrarian interests, to maintain or increase the amount of paper money in circulation.

Dictionary Entries Near greenback

The Greenback Party would be an alliance of organized labor and reform-minded farmers intent on toppling the political hegemony of the industrial- and banking-oriented Republican Party which ruled the North during the Reconstruction period. The Confederate States of America, the government of the states that allowed enslavement, which had seceded from the Union, also had severe financial problems. The Greenback Party (known successively as the Independent Party, the National Independent Party and the Greenback Labor Party) was an American political party with an anti-monopoly ideology which was active between 1874 and 1889. The party ran candidates in three presidential elections, in 1876, 1880 and 1884, before it faded away. Despite reservations about issuing them, the federal greenbacks were accepted. The yen is heading for its third straight annual loss of more than 10%, as the Bank of Japan clings to extremely easy monetary policy during a wave of global tightening.

« For instance, the 10yr Treasury yield (US10Y) ended the quarter up +73.5bps at 4.57%, and at the intraday peak on September 28 it was as high as 4.686%, which we haven’t seen since 2007. » Reports say the Bank of Japan is closely watching the foreign exchange market as the yen continues to depreciate against the U.S. dollar. These examples are w pattern trading programmatically compiled from various online sources to illustrate current usage of the word ‘greenback.’ Any opinions expressed in the examples do not represent those of Merriam-Webster or its editors. But the rise in their value also increased the cost of everyday goods and supplies—inflation was 14% in 1862 and 25% in 1863 and 1864.

So many small drones are flying now along one section of the front line that Ukraine’s military coordinates the flights with a dispatcher, akin to air traffic control. In a slow-moving counteroffensive against Russian forces that has been reliant at times on the smallest advantages, a fleet of cheap, mostly off-the-shelf drones is providing one for the Ukrainians. A great part of this massive stockpile of land needed to be converted into cash by the railways to finance their building activities, since railroad construction was a costly undertaking.

On January 2, 1879, the government was to begin converting greenbacks, but few citizens showed up at institutions where they could redeem paper money for gold coins. Over time the paper currency had become, in the public mind, as good as gold. The first measure to finance the war occurred in July 1861, when Congress authorized $50,000,000 (~$1.21 billion in 2021) in Demand Notes.

December gold was last down $17.50 at $1,848.70 and December silver was down $0.94 at $21.505. The Legal Tender Act was passed on 25 February 1862, which permitted the Secretary of the Treasury to issue Legal Tender Notes, which looked very similar to the Demand Notes they replaced, only they were not redeemable for coin. A few days later, the United equity day trading States Treasury authorized the issue of $150 million USD worth of paper Legal Tender Notes, which paved the way for modern day currency. Just a few months later, on 29 August 1862, the first modern day currency was produced when the Chief of the Federal Bureau and five clerks printed paper notes in the basement of the United States Treasury Building.

A Bloomberg index of global government bonds is on track for its worst month in a year, with a 2.9% drop. In response, the Russian air defense system fired two missiles at the drone, but both missed. The Russian military also flies adapted consumer drones, but it relies more heavily on purpose-built military drones such as the Orlan 10, a fixed-wing craft designed for reconnaissance, and expensive electronic systems and missile defenses. During that day’s flight, while a Ukrainian drone reconnaissance team operated a mile or two away, a Russian aerial bomb streaked in with a whistle and a thunderous boom, striking a target almost certainly discovered by a Russian drone overhead. Operators have been killed by Russian units who triangulate the radio signals of the antennae used to control the drones and then call in artillery, aerial bombardments or so-called kamikaze drones that explode, Lieutenant Arutiunian said.

A day earlier, Hacker had flown his plastic-foam plane and its GoPro camera directly over two of Russia’s most sophisticated electronic warfare systems, a Moscow-1 and Borisoglebsky. Each was a multimillion-dollar machine that could scan for radio signals and triangulate their source, but both missed Hacker’s drone and its radio signal until it was too late. Hacker flew hugging the landscape, below Russian jamming signals and above the sweeping, dense minefields that have thwarted the advance of Ukraine’s infantry and armored vehicles, gravely wounding soldiers each day.